Skip to main content
Premium Trial:

Request an Annual Quote

Life Tech Posts 1 Percent Revenue Decline

NEW YORK (GenomeWeb News) – Life Technologies reported after the close of the market Wednesday that its second-quarter revenues declined 1 percent year over year, falling short of Wall Street estimates on the top line.

The Carlsbad, Calif.-based genetic analysis products firm reported total revenues of $945.8 million for the three months ended June 30, compared to $949.3 million for the second quarter of 2012. On average, analysts covering the firm expected revenues of $952.1 million.

Life Tech said that excluding the impact of currency its revenue were up 1 percent for the quarter.

Sales of its research consumables increased 1 percent year over year to $405 million, while genetic analysis revenue decreased 4 percent year over year to $341 million. The firm said that an increase in Ion Torrent sales was offset by lower CE sales and an expected decline in sales for its SOLiD sequencers and related products. Life Tech's applied sciences revenues were up 2 percent to $198 million.

Life Tech reported net income of $126.6 million, or $.72 per share, compared to $122.4 million, or $.67 per share, for Q2 2012. On a non-GAAP basis, its net income was $172.6 million, or $.98 per share, beating the consensus Wall Street estimate of $.96 per share.

The firm's R&D spending increased 4 percent to $88.6 million from $84.8 million, while its SG&A expenses also climbed 4 percent to $276.4 million from $266 million. It also reported business consolidation costs of $28.3 million, compared to $9.4 million for such costs in Q2 2012.

Life Tech is in the process of being acquired by Thermo Fisher Scientific in a $13.6 billion deal announced in April.

Life Tech will hold a special meeting of stockholders on Aug. 21 to vote on the transaction.

The Scan

Study Finds Sorghum Genetic Loci Influencing Composition, Function of Human Gut Microbes

Focusing on microbes found in the human gut microbiome, researchers in Nature Communications identified 10 sorghum loci that appear to influence the microbial taxa or microbial metabolite features.

Treatment Costs May Not Coincide With R&D Investment, Study Suggests

Researchers in JAMA Network Open did not find an association between ultimate treatment costs and investments in a drug when they analyzed available data on 60 approved drugs.

Sleep-Related Variants Show Low Penetrance in Large Population Analysis

A limited number of variants had documented sleep effects in an investigation in PLOS Genetics of 10 genes with reported sleep ties in nearly 192,000 participants in four population studies.

Researchers Develop Polygenic Risk Scores for Dozens of Disease-Related Exposures

With genetic data from two large population cohorts and summary statistics from prior genome-wide association studies, researchers came up with 27 exposure polygenic risk scores in the American Journal of Human Genetics.